A Global Caregiving Gold Rush?
68 years ago in 1945 World War II ended and all the men overseas returned home. Nearly 9 months after the war ended, the baby boomer generation began. The National Birth Rate rose each year, jumping to over a 1,000,000 more babies than in recent years. The booming birth rate continued for another 18 years as 76 million Americans were born in America alone, marking the largest generation in history.
70 Million Aging Baby Boomers To Go!
Only 4 million of the baby boomer generation has passed on, leaving 74 million still alive and contributing to our society. Those 74 million will continue to grow older and, because they still own the majority of the world’s wealth, will likely opt for in home care services of some kind. According to a survey conducted by NBC News, 89% of those aged 50 and older said they want to stay in their home as they age, while 95% of those 65 and older said they wish to stay in their home or a near relatives and hope they never live in a nursing home. Right now the eldest of the baby boomers are a couple years shy of 70.
Whether you’re a CEO or an entry-level employee, whether you currently have caregiving responsibilities or not-it is imperative that we come together as a society to recognize that the current way of doing business is no way of doing business. The innovation opportunities for individuals and businesses are grand. This is an open landscape.
For individuals concerned about the “bottom line” costs of implementing a better system, here it is: The bottom line is that companies will lose valuable care-challenged employees if they can’t figure out how to retain them. Sustaining competitive advantage depends entirely on attracting the most talented people, and having systems that allow all talented people to make their contributions. Without creating an “employment brand” that is designed to retain talent regardless of their caregiving status, companies will not have access to the most skilled sources of talent who are increasingly enabled to work where, when, and how they want.
The digital innovation underway is producing mostly unconnected devices, not integrated at- home and broader “customer service” care solutions. Whether you’re a CEO or an entry-level employee, whether you currently have caregiving responsibilities or not-it is imperative that we come together as a nation to recognize that the current way of doing business is no way of doing business.